Markets rise for 7th day: Sensex reclaims 80k, Nifty above 24,300 as IT, auto, pharma stocks rally

Top Nifty gainers included HCL Tech, Wipro, Tech Mahindra, Tata Motors, and Infosys

Benchmark indices Nifty and Sensex wrapped up the session on a high note, notching their seventh straight day of gains, as bulls charged ahead on the back of robust buying in IT, auto, and pharma stocks. But the recent darling of the rally, Nifty Bank, took a breather, slipping into the red amid profit booking.

At close, the Sensex was up 520.90 points or 0.65 percent at 80,116.49, and the Nifty was up 161.70 points or 0.67 percent at 24,328.95. About 1989 shares advanced, 1832 shares declined, and 141 shares unchanged.

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Sustained buying by foreign institutional investors (FIIs) has been a major driver of the rally. Strong earnings from banks and India’s favourable position in global trade have also boosted investor sentiment. “Fundamental factors are favourable. President Trump’s message that he has no intention of firing the Fed chief has calmed the US markets. His remarks on Chinese tariffs indicate a potential easing of US-China tensions. The sustained buying by FIIs is a strong support to Indian markets,” said VK Vijayakumar of Geojit Financial Services.

Tax relief measures, increased government spending, and a visible push toward capex have helped improve liquidity and restore confidence. Meanwhile, the RBI has maintained a supportive monetary policy stance, signalling its readiness to act if needed.

Also read: FIIs buy Indian shares worth $2 billion in five sessions as tariffs trigger reallocation

In today’s session, the broader market showed a robust trend. The Nifty Midcap 100 rose over 1 percent, while the Smallcap 100 gained 0.4 percent. Despite the recent uptick, the two indices are still down 5 and 9 percent, respectively year-to-date. Rajesh Palviya, Head of Technical and Derivative Research at Axis Securities, noted that while recent corrections have taken some froth out of the system, the market isn’t yet in deep value territory. “Valuations are not extremely attractive, but investors are chasing names with clear earnings visibility. Money is rotating into sectors with structural tailwinds, even if they’re not trading cheap,” he said.

Among sectors, Nifty IT led the pack with gains of over 4 percent, thanks largely to an 8 percent rally in HCL Tech after its Q4 results, which came in line with expectations. Nifty Auto continued its strong performance, rising nearly 2 percent on gains in Maruti, M&M, and Tata Motors. Pharma and Realty indices also gained around 1 percent each. On the downside, Nifty Bank and PSU indices slipped 0.6 percent each.

Read more: LG Electronics is said to pause work on India unit’s IPO plans

In stock-specific action, Vardhman Special Steels hit a 20 percent upper circuit after announcing a major capex plan, despite posting a decline in revenue and profit in the March quarter. The company plans to set up a Greenfield steel plant in Punjab with a planned billet capacity of 5 lakh MT per annum, at an estimated cost of Rs 2,000 crore—roughly equal to its current market capitalisation.

Waaree Energies surged nearly 15 percent after reporting a 34 percent jump in Q4 net profit to Rs 618.91 crore. Revenue for the quarter rose nearly 36 percent year-on-year to Rs 4,003.93 crore. The stock traded at its highest level in nearly three months.

Meanwhile, Eicher Motors slipped 1 percent following reports that the government may cut import duties on high-end motorcycles like Harley-Davidson. As per Bloomberg, duties on bikes above 705cc could be reduced to zero, posing a potential competitive threat to Royal Enfield, Eicher’s flagship brand.

Technically, a ‘buy on dips’ strategy could be prudent at this stage. “The bullish gap in the 23,900–23,800 zone is expected to act as immediate support. On the upside, resistance is seen at 24,300, followed by the 61.8 percent retracement level at 24,550. Traders are advised to maintain a positive bias, avoid contra trades, and align strategies accordingly,” said Sameet Chavan of Angel One.

Top Nifty gainers included HCL Tech, Wipro, Tech Mahindra, Tata Motors, and Infosys, while Grasim, Kotak Mahindra Bank, HDFC Bank, Axis Bank, and SBI were among the biggest laggards.

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